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5 Signs Your Business Needs Better Insurance Coverage

Is your company protected with the right insurance coverage? There are many coverage options and factors that affect the ideal policy for small and medium-sized businesses.

Keep your business growing and protected from risks with quality coverage. Check out five signs that you need better coverage for your company.

1. You Aren’t Sure What Your Insurance Covers

Business insurance policies are almost as diverse as the businesses they cover. A survey of small businesses in 2018 found that only 54% had general liability insurance.

You deserve better for your business. Consider updating your policy to explore these and other options:

  • Fire legal liability
  • Premises medical and liability
  • On-sight equipment
  • Crime
  • Building and personal property protection

Don’t wait until you make a claim to find out what your policy covers. Ask your provider about areas of coverage, and consider a new provider if you don’t receive concrete, easy-to-understand answers.

2. You Aren’t Happy With Your Insurance Coverage Costs

A high premium can drain your working capital and stunt your business growth. Keep your costs down by tailoring your plan to your situation.

Here are some factors to consider as you look for a new plan with a lower premium:

  • Number of employees
  • Areas of coverage
  • Deductible amounts
  • Location and industry

A highly rated provider can help you adjust your policy to better reflect your finances and goals. Higher premiums typically mean more protection, but there may be areas you can trim to keep your monthly rates at a manageable level.

3. You Made a Major Business Purchase

Commercial insurance includes protection for your commercial vehicles and equipment. Purchasing a new work truck, printer, computer, or other asset may require an adjustment in your policy.

Search for California business insurance that covers your assets with a plan you can rely on. Just like your personal vehicle policy, commercial asset protection can vary in costs and levels of protection. A professional agent can work with you to make sure your equipment is protected from theft, disaster, and other issues.

4. You Expanded Your Services or Revenue

A growing business needs a growing level of protection. Additional services may mean new assets, employees, or areas of liability that need to be protected.

Higher levels of revenue may mean you’re ready for a lower deductible or higher limits on your policy. If you can afford slightly higher premiums each month, you can lower the risk and cost of a major accident or natural disaster.

Expanding services into a new area may require new features in your policy. Ask about covering equipment, additional buildings or new services offered by your employees.

5. You Want Answers About Your Insurance Coverage

Choose a business policy that works for you. Your agent should be ready to answer any question you may have regarding your policy. An agent who isn’t responsive or willing to answer questions can prevent you from understanding your business policy.

Connect with a locally-owned and operated insurance agency for the answers you need. A quality customer service team keeps you up-to-date on any changes and features of your coverage you may not understand. Prompt answers and essential details give you the resources you need to make decisions on your business coverage.

Review Business Insurance Coverage Today

When you need an insurance policy update, you need Bethany Insurance Agency. Contact us to request a quote today. Find answers to your coverage questions and keep your business growing without growing your risks.